The site on Albert Quay is 100m from the recently completed €58m office complex One Albert Quay, but is twice the size of the fully-let development.
O’Callaghan Properties (OCP) is seeking approval for a high-density, five/six storey development of 360,000 sq ft of offices and technology space at, behind and stepped above the protected limestone warehouse building called Navigation House and adjoining warehouses, at the city end of Cork’s docklands.
Much of the 2.25 acre site was previously ear-marked by the developers for an event centre, and is fully owned by OCP.
It marks a return to hopes of significant new office employment in Cork’s old docklands as the economy recovers, and as foreign direct investment flows into Dublin and, to a lesser degree, Cork and Galway ,where rents are half those of Dublin.
It is proposed to build the significant amount of accommodation, for office and technology jobs aimed primarily at FDI arrivals to Cork, across four separate buildings on a site of 2.25 acres at Albert Quay/ Albert Rd.
It is the next-closest available city-centre site of scale to John Cleary Developments’ landmark One Albert Quay, and developers OCP — who already host Apple in Apple’s Cork city centre offices on Half Moon St — report “very positive and encouraging discussions on pre-lets” on the plan, which sees a total of 500,000sq ft to be constructed, to include 300 basement parking spaces.
If the full scope of the proposed development is allowed, it could accommodate 3,000 jobs, and provide 350 construction jobs during the build which, O’Callaghan Properties says, could start as soon as the end of 2016 if a clear planning run is achieved, and it could be completed by May 2018.
Describing the plan as “transformational”, with the potential to give a huge boost to Cork, a spokesperson for OCP said: “This project makes a really powerful statement for Cork, Ireland’s second city.
“It opens up the way for further large-scale foreign direct investment projects hitherto not capable of being hosted in Cork or for alternative projects requiring a very significant quantum of space.”